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15 Cards in this Set
- Front
- Back
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What are the 5 key Elements of TILA?
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1. Cost of Credit
2. Advertising 3. Rescision 4. CHARM booklet 5. Related to HOEPA and MDIA |
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What agency regulates TILA?
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The Fed and the FTC
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What loans are excluded from TILA?
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Same as RESP... 7
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When is the TIL Disclosure required?
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1. 3 days after application
2. 2nd copy at settlment. 3. Settlement must be 7 days prior to settlement. |
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What is included in Finance Charge?
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Everything paid to the lender that is required because there is a lender except the credit report and appraisal PLUS settlement agent's fee and the lender's title policy
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What is the tolerance for inaccuracies in the finance charge?
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$100
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What is the tolerance for the inaccuracies in the APR?
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1. Fixed rate loans - 1/8 of 1%
2. Adj rate loans - 1/4 of 1% |
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What is the waiting period after redisclosing TIL
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3 days before settlment.
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What 4 pieces of information are unique to the TIL Disclosure?
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1. Demand Feature info
2. Security Interest (ability to forclose) 3. Late Charge info 4. Insurance Requirements |
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What 8 pieces of info are on a TIL?
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1. They don't have to buy because then signed app
2. Demand feture 3. Adjustable rates 4. Security Interest 5. Late Charge 6. Prepayment Penalty 7. Insurance Requirements 8. Assumability |
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What 2 disclosures are required for ARMs?
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1. CHARM - Consumer Handbook on ARMs
2. Loan Program Description (specific to each ARM) |
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What 3 pieces of info are on the right to rescind?
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1. Security Interest
2. Right to Rescind 3. Date Rescission expires |
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What book is required for HELOCs?
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When your home is on the line booklet
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When is the right to rescind due?
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At Closing
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What is the penalty for violating the advertising rules?
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$400-$4,000
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